If you're tired of being a working stiff and look forward to retirement, here's a study that will spoil your day: according to British think tank Institute of Economic Affairs, retirement is harmful to your health.

The study [...] found that retirement results in a "drastic decline in health" in the medium and long term.

The IEA said the study suggests people should work for longer for health as well as economic reasons. [...]

The study suggests there is a small boost to health immediately after retirement, before a significant decline in the longer term.

Retirement is found to increase the chances of suffering from clinical depression by 40%, while you are 60% more likely to suffer from a physical condition.

The effect is the same for men and women, while the chances of becoming ill appear to increase with the length of time spent in retirement.